Contactless spending up but losses in major sectors will 'haunt' us

Paying with contactless methods was encouraged after the outbreak of Covid-19.

Irish consumers are making the move to contactless payments due to Covid-19 according to VISA.

A study found that 70% of people are using contactless payment more often and that there has been a "fundamental shift" from cash.

The research also found that over half of consumers surveyed would switch shops if contactless facilities weren't available.

Country Lead for VISA in Ireland, Philip Konopik says while contactless payments have gone up, there has been a big reduction in people booking holidays abroad.

"The offset of some of the spikes in travel and entertainment still makes a huge dent in global consumption.

"There are some nuggets in terms of increases in e-commerce spending, but generally the impact of the loss of those big sectors and the fact that they're so deep is going to haunt us for some time."